OSK Ventures slips into loss in 3Q despite jump in revenue

OSK Ventures slips into loss in 3Q despite jump in revenue
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KUALA LUMPUR (Nov 17): OSK Ventures International Bhd (OSKVI) posted a net loss of RM15.06 million for the third quarter ended Sept 30, 2017 (3QFY17) compared with a net profit of RM5.52 million recorded in the same quarter a year ago, mainly attributable to the decrease in income earned and net fair value loss on its financial instruments.

In the filing with Bursa Malaysia today, OSKVI said there was a net fair value loss of RM15.26 million on its financial instruments compared to a net fair value gain on financial instruments of RM4.18 million in 3QFY16.

However, quarterly revenue was at RM22.83 million, which is more than double the revenue it recorded in the same quarter last year, at RM9.59 million.

For the cumulative first nine months of 2017 (9MFY17), the group's net profit jumped more than nine times to RM29.23 million, from RM3.07 million it registered in the previous nine-months period.

Revenue almost tripled to RM73.96 million, from RM27.23 million in 9MFY17.

On the coming financial year, OSKVI said companies with strong growth prospects will continue to be its focus for its private investment portfolio.

"Our public investment portfolio has been seeing a healthy growth in volume and geographical diversity since the beginning of this year which we expect to continue in this current quarter," it said, adding that it currently has a strong pipeline of deals in various stages and intends to close a number of those investments within the next twelve months.